The call of the developing countries for the creation of a New International Economic Order (NIEO) has aroused widespread interest. Some observers have gone so far as to advocate that the new order be made the centerpiece of future economic and political relations between the United States and the Third World. Before making such a commitment, however, it is worth considering what would be the likely 240effects if the measures of the NIEO were, in fact, implemented. Such an analysis is the first purpose of this chapter. We then consider the major economic and political shifts that affected the less-developed countries (LDCs) and the United States from 1972 to 1978, when the NIEO first received widespread attention. These changes have had important effects on the place of the NIEO in the international policy agenda.